Wednesday, May 26, 2010

My credit score is around 650 i make 36,000 the only payment i got is a 300 car loan i want to spend

and get a FHA loan should i have a prob.



My credit score is around 650 i make 36,000 the only payment i got is a 300 car loan i want to spend 112,000?

If your annual income is $36k then your monthly gross is $3,000.



Your 43% DTI would be $1,290.



$1,290 - $300 = $990.



So to keep your DTI under 43% IAW FHA guidelines, your PITI would have to be $990 or less. Using a rough rule of thumb, that means you%26#039;d be eligible for about a $99,000 FHA loan.



However, the DTI of 43% for an FHA loan is not absolute. Other compensating factors may let you qualify for a higher amount. Contact an experienced and reliable FHA lender (not a broker). I like Julie at http://primelendingonline.com



Good luck.



My credit score is around 650 i make 36,000 the only payment i got is a 300 car loan i want to spend 112,000?

No. Too much. Really. Do you gross 36000 or is that your take home pay? That loan amount isn%26#039;t that much but it might be if you%26#039;re grossing 36000...credit score is decent but could be higher.



My credit score is around 650 i make 36,000 the only payment i got is a 300 car loan i want to spend 112,000?

YOU WILL NEED A HUGE DOWN PAYMENT I AM SURE OF THIS. GOOD LUCK. LET ME KNOW IF YOU GET IT OK



My credit score is around 650 i make 36,000 the only payment i got is a 300 car loan i want to spend 112,000?

i agree with digger. its goign to be close. you might need a down they might be able to work with you. other factors that are goign to be relivant are your last 2 years credit history. any bks? charge offs? lates? judgements? if you have a clean report for the last two years you stand a good chance. if you have a charge off within the last two years or collections or anythign of that nature it might be tough. contact a fha lender and let them pull your report and go for it. i think you should have a good chance based on the info you provided so far.



My credit score is around 650 i make 36,000 the only payment i got is a 300 car loan i want to spend 112,000?

Two words:



Easy Street!!!!

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